Gas prices

2022 - 2 - 22

Yes, the Russian oil ban means gas will get more expensive (Vox)

Russia's invasion of Ukraine and the fallout will cause gas prices, oil prices, and inflation to increase.

Brusuelas told MarketWatch in February that the inflationary pressures depend “on the severity of sanctions and what happens on the ground.” The US and Europe have hit Russia with severe sanctions that will devastate the Russian economy and likely have a widespread impact on economic conditions around the world. A chip shortage and kinks in the semiconductor supply chain have contributed to higher prices and challenges across a number of industries, including cars and phones. Russia is one of the biggest oil and gas producers in the world, and any disruptions stand to have a major impact on prices — disruptions we’re already seeing. “It’s a wide spectrum of agricultural, energy, and other commodities.” On Tuesday, Russian President Vladimir Putin signed a decree banning the exports of some commodities, which could have major global ramifications. The Biden administration has promised to try to protect Americans from a spike in gas prices. These maneuvers prompted a spike in oil prices, which have already been on the rise, and the situation is sure to have ripple effects across the global economy. Americans — already dealing with high gas prices and annoyed at the rising costs of heating their homes — are in for a bumpy ride. The conflict could also translate to high diesel prices and jet fuel for airplanes. Major oil companies, such as Shell and BP, have said they’ll stop buying oil and gas from Russia and curb business with the country, which is causing volatility and prices changes as well. In early February, JPMorgan analysts projected that disruptions to oil flows from Russia could push oil prices to $120 per barrel, which, indeed, it already has. In the United States, the Consumer Price Index, which measures the average change in prices consumers pay for goods and services, was up by 7.5 percent over the past year in January. That’s a 40-year high. The backdrop of global and domestic inflation in the United States was already worrying.

$4 a gallon gas across US by April? Russia's invasion of Ukraine to drive up prices, experts say (KXLF Butte News)

A renewed U.S. nuclear deal with Iran "could soften the blow" to gas prices, he added of the negotiations that could lead to an influx of Iranian oil into global markets. A sizable producer of oil and gas, Iran's exports of both are now curtailed by ...

But if the line keeps moving, the risk of a significant fallout continues to grow," Duncan said. But if you live in Texas or Oklahoma where gas is selling for $3.20 a gallon, "there's a long way to go," he added. Crude oil prices were above $100 a barrel almost continuously from February 2011 through September 2014, and the sun still "came out every morning," Weinberg said. If you live in California, you've already been seeing it for a long time," Gross said. The national average for a gallon of gasoline on Thursday registered at $3.54, according to AAA, up from $3.33 only a month ago. A sizable producer of oil and gas, Iran's exports of both are now curtailed by sanctions.

Gas prices are soaring in the U.S. and Europe. Here's how much ... (Fortune)

Fuel prices are soaring in the U.S. and Europe, and the price per gallon is expected to get even more expensive. A year ago, the national average gas price in ...

Experts say the conflict between Russia and Ukraine could disrupt oil supplies in the region. In markets where gas is already expensive, this number could go up to $5. As of last Thursday, it was $3.54. Experts say this number could increase to $4 in the coming weeks. Fuel prices are soaring in the U.S. and Europe, and the price per gallon is expected to get even more expensive. A year ago, the national average gas price in the U.S. was $2.65 a gallon. Gas prices are soaring in the U.S. and Europe. Here’s how much you could end up paying.

Two Wild Cards That Could Send Oil and Gas Prices Even Higher (Barron's)

Will the U.S. and other countries will impose sanctions on Russian oil and gas? Will Russia will halt exports to other countries?

A statement from the G-7 leaders released on Thursday morning suggested they would take a coordinated response to oil and gas “disruptions,” but did not specify whether sanctions were being considered. Europe has diversified its gas supplies as tensions with Russia have increased, but the price spike of Dutch gas on Thursday shows that Russia remains a key supplier. Continuing to buy Russian energy even amid an invasion that the U.S. has said is illegal could quickly become an untenable position. As of Wednesday, a State Department official was telling reporters that the U.S. was avoiding imposing energy sanctions so as not to force inflation higher. Robert Yawger, director of energy futures at Mizuho Securities, previously forecast that crude would rise to $125 a barrel if a multi-front invasion forced Europe and the U.S. to impose broad sanctions. It also accounts for at least 20% of European gas supply, down from more than a third last year. “Crude prices will likely rise until significant alternative supplies become available (e.g. Iran following a nuclear compromise, or more U.S. shale oil),” wrote analysts at the consulting firm Eurasia Group. “This will take time. That means that U.S. consumers are effectively sending tens of millions of dollars every day to Russian companies with close ties to the government. “You can’t have a slaughter, and then say we’re not touching energy,” he said. The invasion makes it even more likely that prices will keep rising. Absent a recession, supply shortages should keep oil prices high for a sustained period. Oil analysts had already been predicting that oil prices would stay strong, with or without a Russian invasion.

Gas prices at the pump: This is what fuel is costing people in ... (KPRC Click2Houston)

As tensions continue amid Russia's invasion of Ukraine, here is what you need to know about gas prices in the Houston area.

However, Texans are paying 35% more for gas than this time last year and the highest retail gas prices across the Lone Star State in more than seven years. You can watch current gas prices at stations across the Houston area here from the Gas Buddy app. For the first time in six weeks, the statewide gas price average for Texas did not increase week-to-week.

Gas prices in metro Atlanta still below national average, but could ... (FOX 5 Atlanta)

The Russian invasion of Ukraine could be more than a little ripple felt in the pocketbooks of families in metro Atlanta. One area that could be noticeable ...

The national average price for a gallon of gas has risen five cents to $3.54 since last week, according to AAA. Most of metro Atlanta remains below average, except in Fulton County. The southern half of the state has seen at or above average prices at the pump. "And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers." ATLANTA - The Russian invasion of Ukraine could be more than a little ripple felt in the pocketbooks of families in metro Atlanta. One area that could be noticeable soon is as the pump.